Risk Factors Update Summary
- Recent bank closures in 2023 due to large-scale withdrawals created liquidity risks and decreased confidence, impacting potential recession risk.
- Cybersecurity risks include unauthorized access, data loss, and service unavailability, with potential material impacts.
- Non-performing loans increased to $5.2 million in 2023, affecting the allowance for credit losses coverage ratio.
- Allowance for credit losses decreased in 2023 due to an increase in non-performing loans, partially offset by an increase in the allowance.
- Net gains on mortgage loans were $7.4 million in 2023, compared to $6.4 million in 2022.
- Capital requirements have been revised, presenting additional risks to operations, especially with recent changes.
- Competition with fintech companies and non-depository institutions may impact our ability to offer new products effectively.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=39311&owner=exclude
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